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In an interview with CNN's Kaitlan Collins, US Treasury Secretary Scott Bessent urged other countries not to issue retaliatory tariffs against the US following Trump's tariff announcement.
original sound - CNN
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·7-1Treasury Secretary Scott Bessent on Wednesday said the U.S. would seek major changes at the World Bank and International Monetary Fund (IMF), saying “mission creep has knocked these institutions off course.” “The IMF was once unwavering in its mission of promoting global monetary cooperation and financial stability. Now it devotes disproportionate time and resources to work on climate change, gender and social issues,” he said in a speech on the sidelines of the IMF and World Bank spring meetings in Washington, DC. “These issues are not the IMF’s mission, and the IMF’s focus in these areas is crowding out its work on critical macroeconomic issues.” Secretary Bessent criticized the World Bank for being too focused on climate change, saying it must instead work to increase energy access across the globe through an all-of-the-above approach. “The bank should no longer expect blank checks for vapid, buzzword-centric marketing accompanied by halfhearted commitments to reform,” he said. “As the bank returns to its core mission, it must use its resources as efficiently and effectively as possible. And it must do so in ways that demonstrate tangible value for all member countries.” The Treasury secretary also said the World Bank must end its “absurd” policy of treating China, the world’s second-largest economy, as a developing nation, and hold accountable countries that have “pursued globally distortive policies and opaque currency practices for many decades.” “While it has been at the expense of many Western markets, China’s rise has been rapid and impressive,” he said. “But if China wants to play a role in the global economy commensurate with its actual importance, then the country needs to graduate up.” Secretary Bessent said the Trump administration would not back away from the twin institutions created in 1944 to stabilize the global economy in the wake of World War II. “’America First’ does not mean ‘America alone.’ To the contrary, it is a call for deeper collaboration and mutual respect among trade partners,” he said. #imf #worldbank #scottbessent #cspan
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·18h ago Treasury Secretary Scott Bessent gives a message to anyone who thinks that these market declines are all based on the president’s economic policies.
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·4-7At a House Financial Services Committee hearing during Rep. Maxine Waters' questioning of Treasury Secretary Scott Bessent, the California Democrat suggested that it was the first time she and Bessent had met, but the treasury secretary corrected her, noting the two had met "one New Year's Eve in the Bahamas."
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·6-25Treasury Secretary Scott Bessent said it’s crucial for China to change its economic structure. His comments come one day after he said he expects de-escalation with regard to the trade war with China.
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